HomeMy WebLinkAboutRES 1990-010 RESOLUTION NO. 90-10
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS, AUTHORIZING THE CITY TO
JOIN "TEXPOOL" AS ESTABLISHED BY THE TEXAS
STATE TREASURY; AUTHORIZING CERTAIN
DESIGNATED MEMBERS OF THE FINANCE DEPARTMENT
TO TAKE ACTIONS DEEMED NECESSARY OR
�. APPROPRIATE FOR THE INVESTMENT OF LOCAL
FUNDS AND PROVIDING AN EFFECTIVE DATE
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WHEREAS, the City of Grapevine is an agency or political
subdivision of the State of Texas (the "Participant" ) and is
empowered to delegate to a public funds investment pool the
authority to invest funds and to act as custodian of investments
purchased with local investment funds; and
WHEREAS, it is in the best interest of the Participant and its
inhabitants to invest local funds in investments that yield the
highest possible rate of return while providing necessary
safekeeping and protection of the principal; and
WHEREAS, the Treasurer of the State of Texas acting by and
through the Texas Treasury Safekeeping Trust Company (the "Trust
Company") has created "TexPool" , a public funds investment pool to
effectuate the goals of providing investments at the highest
possible yield and maintaining complete safety of the funds of the
Participant.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS:
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Section l . That the City of Grapevine establish an account in
its name with the Trust Company' s Public Funds Investment Pool
"TexPool" for the purpose of transmitting local funds for
investment by the Trust Company in TexPool.
Section 2 . That the following individuals whose signatures
appear below are officers or employees of the Participant and are
each hereby authorized to transmit funds to the Trust Company for
investment in TexPool and are each further authorized to withdraw
funds from time to time, to issue letters of instruction, and to
take all other actions deemed necessary or appropriate for the
investment of local funds:
Name: Larry Koonce Title: Finance Director
Signature: ��
Name: Terry Leake Title: Assistant Finance Director
Signature:
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Name: Berla Cast r Title: Accountant
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Signature:
i�r Section 3. That this resolution and its authorization shall
continue in full force and effect until amended or revoked by the
Participant and until the Trust Company receives a copy of any such
amendment or revocation, until such time the Trust Company is
entitled to rely on same.
Section 4 . That this resolution shall take effect from and
after the date of its passage.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 17th day of April , 1990.
APPROVED:
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Wi liam D. Tate
Mayor
� ,, ATTEST:
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Linda Huff �
City Secretary
APPROVED AS TO FORM:
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Adrienne C. Leonard
City Attorney
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